TRANSCRIPT

Ronni Radbill: For the Public Radio Energy Project this is Ronni Radbill.

1. (:03) Japan pledged this week to buy less oil from Iran, furthering US efforts to tighten economic sanctions against Tehran over its nuclear program. Treasury Secretary Timothy Geithner spent the week visiting two of Asia’s largest economies in an effort to build global support for sanctions. China, which is one of Iran’s biggest oil customers, snubbed the US, rejecting any limits to oil imports.

2. (:29) Oil prices dropped this week on speculation the European Union will not ban Iranian oil, at least not for the first half of the year, reportedly giving some member nations time to find alternative supplies.

3. (:42) Iran is the world’s third largest oil exporter. It sells crude to several European countries, including Italy, Spain and France. EU foreign ministers will meet later this month to decide whether or not to impose an embargo.

4. (:55) The European Union is escalating a trade dispute with Canada over its solar and wind power subsidies. The EU has asked the World Trade Organization to rule on whether Canada’s Ontario province is illegally restricting trade by favoring energy projects that use local products and services. Japan filed a similar complaint against Canada last year.

5. (1:17) Japan plans to scrap its nuclear plants after forty years of use. Last year’s tsunami and nuclear crisis raised concerns about the country’s aging reactors. Japan currently has no limit on how long a plant can operate. Tokyo plans to introduce legislation that would be similar to US law, which grants 40-year licenses and allows for 20-year extensions.

6. (1:40) India’s Tata Motors unveiled a prototype of its electric Nano car in Detroit this week. Designed for urban use, the tiny 2-cylinder car will get up to 65 miles-per-gallon. The company plans to launch the four-passenger vehicle in the US in 20-13… going head-to-head with more expensive American rivals.